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Platina Resources (ASX: $PGM) confirms large-scale gold system at Xanadu Project

Platina Resources (ASX: $PGM) Maiden Drilling Results


Platina Resources Limited (ASX: $PGM) has reported the confirmation of a large-scale gold system at the Xanadu Project's Hermes prospect in Western Australia. The company's maiden drilling program using reverse circulation (RC) drilling at the Hermes prospect confirmed the presence of a substantial gold system over 600m X 600m open in all directions. The drilling campaign comprised 2,272m over 10 RC holes, targeting multiple parallel zones of mineralization identified in recent field work.

Platina Resources (ASX: $PGM) Executive Commentary


Platina's vision is to become a leading exploration company by exploring high-potential projects and leveraging cutting-edge technology, innovative strategies, and the knowledge of a highly skilled technical team. Shareholder value is created by advancing projects through exploration, feasibility, and permitting, and monetizing through sale, joint venture, or development. The company is committed to sustainable and responsible practices, ensuring the long-term prosperity of local communities and the preservation of the environment and cultural heritage in the areas where it operates.

Platina Resources (ASX: $PGM) Summary and Outlook


Platina Resources (ASX: $PGM) has confirmed the presence of a large-scale gold system at the Xanadu Project's Hermes prospect in Western Australia. The company plans to undertake drilling at Xanadu and Beete gold projects in early 2024, indicating a proactive approach to further exploration and potential expansion. Platina's commitment to sustainable and responsible practices aligns with its long-term vision of becoming a leading exploration company. With cash funds of $9.096 million and equity investments of $0.27 million, the company is well-positioned to pursue its exploration and development activities. The potential for receipt of milestone payments of up to US$6 million and return of US$1 million warranty guarantee from the sale of the scandium project further enhances the company's financial outlook. Platina's focus on advancing projects and creating shareholder value underscores its dedication to achieving exploration milestones and delivering long-term benefits to its stakeholders.

Sourcehttps://announcements.asx.com.au/asxpdf/20240131/pdf/05zxzbc6yyspbb.pdf

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